Veru Inc. (NASDAQ: VERU), a biopharmaceutical company focused on
developing novel medicines for COVID-19 and other viral and
ARDS-related diseases and for the management of breast and prostate
cancers, today announced financial results for its fiscal 2022
second quarter ended March 31, 2022.
Second Quarter Financial Summary: Fiscal 2022 vs Fiscal
2021
- Total net revenues decreased 2% to $13.0 million from $13.3
million
- US FC2 prescription net revenues climbed 12% to $11.6 million
from $10.3 million
- Gross profit rose 2% to $11.2 million from $10.9 million
- Gross margin increased to 86% of net revenues from 82% of net
revenues, a record high compared to any prior quarter
- Operating loss was $11.8 million versus $1.5 million
- Net loss was $14.2 million, or $0.18 per share, compared $2.8
million, or $0.04 per share
Year-to-Date Financial Summary: Fiscal 2022 vs Fiscal
2021
- Total net revenues decreased 3% to $27.2 million from $28.0
million
- US FC2 prescription net revenues climbed 19% to $23.2 million
from $19.4 million
- Gross profit rose 6% to $23.0 million from $21.7 million
- Gross margin increased to 85% of net revenues from 78% of net
revenues
- Operating loss was $16.7 million compared with operating income
of $17.7 million, which included an $18.4 million gain on the
December 2020 sale of the PREBOOST® business
- Net loss was $20.6 million or $0.26 per diluted share compared
with net income, which included the gain on the sale of the
PREBOOST business, of $14.4 million or $0.18 per diluted share
Balance Sheet Information
- Cash and cash equivalents were $112.0 million as of March 31,
2022 versus $122.4 million at September 30, 2021
- Net accounts receivable of $8.1 million as of March 31, 2022
versus $8.8 million as of September 30, 2021
“Following a positive Phase 3 COVID-19 clinical study where
sabizabulin treatment resulted in a clear clinical benefit by
significantly reducing deaths, we met with FDA for a Pre-EUA
meeting on May 10, 2022. FDA agreed that our development program
had sufficient efficacy and safety data to support a request for
EUA application. No additional efficacy or safety studies will be
required,” said Mitchell Steiner, M.D., Chairman, President and
Chief Executive Officer of Veru Inc. “The Agency has been
incredibly responsive, and we look forward to submitting a request
for Emergency Use Authorization application as soon as possible.
The high mortality rates observed in hospitalized moderate to
severe COVID-19 patients in the placebo group underscores that this
remains a high unmet medical need. We look forward to updating you
as we advance sabizabulin to these high-risk patients.”
Dr. Steiner added: “We continue to make great progress on our
clinical programs for breast and prostate cancer. We now have 2
enrolling Phase 3 metastatic breast cancer clinical trials and one
Phase 3 prostate cancer clinical trial. The Phase 3 COVID-19
clinical study is completed and met its primary endpoint. In our
commercial business, we continue to see an increase in FC2
prescriptions and plan to launch ENTADFI soon. We also expect to
have significant near-term revenue from sabizabulin for the
treatment of hospitalized COVID-19 patients at high risk for ARDS,
if EUA is granted by U.S. FDA.”
Pharmaceutical Pipeline Highlights:
COVID-19 Program; Other Viral and ARDS-Related and
Inflammatory-Related Diseases
Sabizabulin for the Treatment of Hospitalized COVID-19
Patients at High Risk for Acute Respiratory Distress Syndrome
(ARDS) Phase 3 COVID-19 Clinical Study – Study Unanimously Halted
by the Independent Data Monitoring Committee (IDMC) After a Planned
Interim Analysis for Overwhelming Efficacy; Company Preparing an
EUA Submission.
A randomized, double-blind, placebo-controlled global Phase 3
clinical trial was conducted in hospitalized patients with moderate
to severe COVID-19 infection who were at high risk for ARDS and
death. Patients were randomly assigned to receive sabizabulin 9mg
or placebo once oral daily for up to 21 days in a 2:1 ratio. The
primary endpoint was all-cause mortality up to day 60, and key
secondary endpoints were days in intensive care unit (ICU), days on
mechanical ventilation, and days in hospital. A total of 204
patients underwent randomization (with 134 assigned to
sabizabulin-treated group and 70 assigned to placebo-treated
group). Both groups were allowed to receive standard of care.
Baseline characteristics were similar in the two groups. The
superiority of sabizabulin was demonstrated at the planned interim
analysis conducted in the first 150 patients randomized into the
study with 98 patients receiving sabizabulin and 52 patients
received placebo. The IDMC unanimously voted to halt the Phase 3
because of overwhelming efficacy. Sabizabulin treatment resulted in
a clinically meaningful and statistically significant 55.2%
relative reduction in deaths compared to placebo in hospitalized
patients with moderate to severe COVID-19 infection who were at
high risk for ARDS and death with a lower incidence of adverse
events and serious adverse events compared to placebo.
FDA agreed that the Phase 3 COVID-19 study is sufficient to
support the efficacy portion of a request for EUA submission and
for an NDA submission.
FDA also agreed that the current safety data available for
sabizabulin is sufficient to support the safety portion of a
request for EUA submission. FDA informed the Company that
additional safety data that would be collected during the use of
sabizabulin under the EUA, if granted, will be sufficient to
support an NDA submission, and furthermore, that no additional
safety clinical studies are required. The Company plans to submit a
request for an EUA application in calendar 2Q 2022.
The Company has scaled up manufacturing processes and will be
able to produce commercial drug supply to address anticipated drug
needs following potential FDA authorization and subsequent
authorizations in the U.S. as well as other countries and
regions.
The Company has initiated discussions with government agencies
to discuss government purchases of sabizabulin in the U.S. and
other countries around the world.
Breast Cancer Program
Enobosarm, a Novel Oral Selective Androgen Receptor
Targeting Agonist, for the 3rd Line Treatment of
AR+ ER+ HER2- Metastatic Breast Cancer with AR ≥
40% Expression - Phase 3 ARTEST
Clinical Study- Enrolling.
Enobosarm is an oral, new chemical entity, selective androgen
receptor targeting agonist that activates the androgen receptor
(AR), a tumor suppressor, in AR+ER+HER2- metastatic breast cancer
without causing unwanted masculinizing side effects. Enobosarm has
extensive nonclinical and clinical experience having been evaluated
in 25 separate clinical studies in approximately 1,450 subjects
dosed, including three Phase 2 clinical studies in advanced
metastatic breast cancer involving more than 250 patients. In the
two Phase 2 clinical studies conducted in women with AR+ER+HER2-
metastatic breast cancer, enobosarm demonstrated significant
antitumor efficacy in heavily pretreated cohorts that previously
failed estrogen receptor blocking agents, chemotherapy, and/or CDK
4/6 inhibitors and enobosarm was well tolerated with a favorable
safety profile.
We are enrolling the Phase 3 multicenter, international, open
label, and randomized (1:1) ARTEST registration clinical trial
design to evaluate enobosarm monotherapy versus physician’s choice
of either exemestane everolimus or a selective estrogen receptor
modulator (SERM) as the active comparator for the treatment of AR+
ER+ HER2- metastatic breast cancer in approximately 210 patients
with AR expression ≥40% in their breast cancer tissue who had
previously received a nonsteroidal aromatase inhibitor,
fulvestrant, and a CDK4/6 inhibitor. In January 2022, the FDA
granted Fast Track designation to the ARTEST Phase 3 registration
program, a distinction that underscores the urgent need for novel,
targeted therapies for this important unmet medical need.
Enobosarm and Abemaciclib, CDK 4/6 Inhibitor,
Combination Therapy for the 2nd Line Treatment
of AR+ER+HER2- Metastatic Breast Cancer with AR ≥
40% Expression - Phase 3 ENABLAR-2 Clinical
Study-Enrolling.
We are enrolling the Phase 3 multicenter, open label, randomized
(1:1), active control clinical study, named ENABLAR-2 to evaluate
the treatment of the enobosarm and abemaciclib combination versus
an alternative estrogen blocking agent (fulvestrant or an aromatase
inhibitor) in subjects with AR+ ER+ HER2- metastatic breast cancer
who have failed first line palbociclib (a CDK 4/6 inhibitor) plus
an estrogen blocking agent (non-steroidal aromatase inhibitor or
fulvestrant) and who have an AR ≥ 40% expression in their breast
cancer tissue in approximately 186 subjects. We have a clinical
trial collaboration and supply agreement with Lilly for our Phase 3
ENABLAR-2 trial.
Sabizabulin, Novel Oral Cytoskeleton Disruptor Agent,
for the 3rd Line Treatment of
AR+ER+HER2- Metastatic Breast Cancer with AR< 40%
Expression - Phase 2b Clinical
Study.
We intend to conduct a Phase 2b clinical study which will be an
open label, multicenter, and randomized (1:1) study evaluating
sabizabulin 32mg monotherapy versus active comparator (exemestane ±
everolimus or a SERM, physician’s choice) for the treatment of AR+
ER+ HER2- metastatic breast cancer in approximately 200 patients
with AR <40% expression in their breast cancer tissue who have
previously received a nonsteroidal aromatase inhibitor,
fulvestrant, and a CDK4/6 inhibitor.
Prostate Cancer Program
Sabizabulin for the Treatment of Metastatic Castration
and Androgen Receptor Targeting Agent Resistant Prostate Cancer –
Phase 3 VERACITY Clinical Study - Enrolling.
The Company is enrolling the open label, randomized (2:1),
multicenter Phase 3 VERACITY clinical study evaluating sabizabulin
32mg versus an alternative androgen receptor targeting agent for
the treatment of chemotherapy naïve men with metastatic castration
resistant prostate cancer who have tumor progression after
previously receiving at least one androgen receptor targeting
agent. The primary endpoint is radiographic progression free
survival in approximately 245 patients from 45 clinical
centers.
VERU-100, a Novel Proprietary Long-Acting
Gonadotropin-Releasing Hormone (GnRH) Antagonist Peptide 3-Month
Subcutaneous Depot Formulation, for Androgen Deprivation
Therapy of Advanced Prostate Cancer – Phase 2 Clinical Study -
Enrolling.
VERU-100 is designed to address the current limitations of
commercially available androgen deprivation therapy. Androgen
deprivation therapy is currently the mainstay of advanced prostate
cancer treatment and is used as a foundation of treatment
throughout the course of the disease even as other endocrine,
chemotherapy, or radiation treatments are added or stopped.
Specifically, VERU-100 is a chronic, long-acting GnRH antagonist
peptide administered as a small volume, three-month depot
subcutaneous injection without a loading dose. VERU-100 immediately
suppresses testosterone with no testosterone surge upon initial or
repeated administration, a problem that occurs with currently
approved luteinizing hormone-releasing hormone agonists used for
androgen deprivation therapy. There are no GnRH antagonist depot
injectable formulations commercially approved beyond a one-month
injection. In June 2021, the Company initiated the Phase 2 dose
finding clinical study of VERU-100 androgen deprivation therapy for
hormone sensitive advanced prostate cancer. The Phase 2 VERU-100
clinical study is expected to enroll approximately 45 patients. A
Phase 3 registration clinical study has been agreed upon with FDA
and will enroll approximately 100 men.
Urev - Sexual Health Division
ENTADFI™ (tadalafil and finasteride) capsule, a new
Treatment for Benign Prostatic Hyperplasia (BPH) – Received FDA
Approval.
We plan to market ENTADFI™ to healthcare providers and patients
via digital tactics and distribution that will be conducted through
the traditional pharmaceutical distribution channels, and
potentially, a third-party telemedicine portal. We will augment our
marketing and sales efforts by seeking partners in the U.S. and
ex-U.S.
FC2 Female Condom/Internal Condom®
The Company markets and sells the FC2®, an FDA-approved product
for dual protection against unplanned pregnancy and the
transmission of sexually transmitted infections.
Event DetailsInterested parties may access the
call by dialing 1-800-341-1602 from the U.S. or 1-412-902-6706 from
outside the U.S. and asking to be joined into the Veru Inc. call.
The call will also be available through a live, listen-only audio
broadcast via the Internet at www.verupharma.com. Listeners are
encouraged to visit the website at least 10 minutes prior to the
start of the scheduled presentation to register, download and
install any necessary software. A playback of the call will be
archived and accessible on the same website for at least three
months. A telephonic replay of the conference call will be
available, beginning the same day at approximately 12 p.m. (noon)
ET by dialing 1-877-344-7529 for U.S. callers, or 1-412-317-0088
from outside the U.S., passcode 8215063, for one week.
About Veru Inc.Veru is a biopharmaceutical
company focused on developing novel medicines for COVID-19 and
other viral and ARDS-related diseases and for the management of
breast and prostate cancers. Veru also has a commercial sexual
health division - Urev, the proceeds of which help fund its drug
development programs, comprised of 2 FDA approved products -
ENTADFI™ (finasteride and tadalafil) capsules for oral use, a new
treatment for benign prostatic hyperplasia, for which
commercialization launch plans are underway, and FC2 Female Condom®
(internal condom), for the dual protection against unplanned
pregnancy and the transmission of sexually transmitted infections
which is sold in the U.S. and globally.
Forward-Looking StatementsThe statements in
this release that are not historical facts are “forward-looking
statements” as that term is defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements in this
release include statements regarding: whether and when the Company
will submit an EUA application, or receive an emergency use
authorization or any approval from FDA or from any regulatory
authority outside the U.S. for sabizabulin for certain COVID-19
patients; whether and when sabizabulin will become an available
treatment option for certain COVID-19 patients in the U.S. or
anywhere outside the U.S.; whether the Company will have sufficient
supply of sabizabulin to meet demand, if an emergency use
authorization or other approval is granted; whether the Company
will secure any advance purchase agreement with the U.S. government
or any foreign government; whether the current and future clinical
development and results will demonstrate sufficient efficacy and
safety and potential benefits to secure FDA approval of the
Company’s drug candidates and companion diagnostic; whether the
drug candidates will be approved for the targeted line of therapy;
the anticipated design and scope of clinical studies and FDA
acceptance of such design and scope; whether any regulatory
pathways, including the accelerated Fast Track designations, to
seek FDA approval for sabizabulin, enobosarm or any of the
Company’s drug candidates are or continue to be available; whether
the expected commencement and timing of the Company’s clinical
studies, including the Phase 3 ENABLAR-2 study, the sabizabulin
monotherapy Phase 2b clinical study for 3rd line treatment of
metastatic breast cancer, the Phase 2 registration clinical study
for VERU-100, and the development of the companion diagnostic will
be met; when clinical results from the ongoing clinical studies
will be available, whether sabizabulin, enobosarm, VERU-100,
zuclomiphene, and ENTADFI will serve any unmet need or, what
dosage, if any, might be approved for use in the U.S. or elsewhere,
and also statements about the potential, timing and efficacy of the
rest of the Company’s development pipeline, and the timing of the
Company’s submissions to FDA and FDA’s review of all such
submissions; whether any of the selective clinical properties
previously observed in clinical studies of sabizabulin, enobosarm,
VERU-100 or other drug candidates will be replicated in the current
and planned clinical development program for such drug candidates
and whether any such properties will be recognized by the FDA in
any potential approvals and labeling; whether the companion
diagnostic for enobosarm will be developed successfully or be
approved by the FDA for use; and whether and when ENTADFI will be
commercialized successfully. These forward-looking statements are
based on the Company’s current expectations and subject to risks
and uncertainties that may cause actual results to differ
materially, including unanticipated developments in and risks
related to: the development of the Company’s product portfolio and
the results of clinical studies possibly being unsuccessful or
insufficient to meet applicable regulatory standards or warrant
continued development; the ability to enroll sufficient numbers of
subjects in clinical studies and the ability to enroll subjects in
accordance with planned schedules; the ability to fund planned
clinical development; the timing of any submission to the FDA or
other regulatory authorities and any determinations made by the FDA
or any other regulatory authority, including the risk that the
Company may not be able to obtain an EUA from the FDA or similar
authorizations from other regulatory authorities on a timely basis
or at all; any agreements or positions taken by the FDA in a
pre-EUA meeting does not bind the FDA or prevent it from later
taking a different position, asking for more data or delaying or
denying the application; the possibility that as vaccines become
widely distributed the need for new COVID-19 treatment candidates
may be reduced or eliminated; government entities possibly taking
actions that directly or indirectly have the effect of limiting
opportunities for sabizabulin as a COVID-19 treatment, including
favoring other treatment alternatives or imposing price controls on
COVID-19 treatments; the Company lacks experience in scaling up or
commercializing a drug product and may not be able to successfully
commercialize sabizabulin as a COVID-19 treatment; the Company may
be unable to manufacture sabizabulin as a COVID-19 treatment in
sufficient quantities or at sufficient yields; the Company’s
existing products and any future products, if approved, possibly
not being commercially successful; the effects of the COVID-19
pandemic and measures to address the pandemic on the Company’s
clinical studies, supply chain and other third-party providers,
commercial efforts, and business development operations; the
ability of the Company to obtain sufficient financing on acceptable
terms when needed to fund development and operations; demand for,
market acceptance of, and competition against any of the Company’s
products or product candidates; new or existing competitors with
greater resources and capabilities and new competitive product
approvals and/or introductions; changes in regulatory practices or
policies or government-driven healthcare reform efforts, including
pricing pressures and insurance coverage and reimbursement changes;
the Company’s ability to successfully commercialize any of its
products, if approved; risks relating to the Company's development
of its own dedicated direct to patient telemedicine and
telepharmacy services platform, including the Company's lack of
experience in developing such a platform, potential regulatory
complexity, and development costs; the Company’s ability to protect
and enforce its intellectual property; the potential that delays in
orders or shipments under government tenders or the Company’s U.S.
prescription business could cause significant quarter-to-quarter
variations in the Company’s operating results and adversely affect
its net revenues and gross profit; the Company’s reliance on its
international partners and on the level of spending by country
governments, global donors and other public health organizations in
the global public sector; the concentration of accounts receivable
with our largest customers and the collection of those receivables;
the Company’s production capacity, efficiency and supply
constraints and interruptions, including potential disruption of
production at the Company’s and third party manufacturing
facilities and/or of the Company’s ability to timely supply product
due to labor unrest or strikes, labor shortages, raw material
shortages, physical damage to the Company’s and third party
facilities, COVID-19 (including the impact of COVID-19 on suppliers
of key raw materials), product testing, transportation delays or
regulatory actions; costs and other effects of litigation,
including product liability claims; the Company’s ability to
identify, successfully negotiate and complete suitable acquisitions
or other strategic initiatives; the Company’s ability to
successfully integrate acquired businesses, technologies or
products; and other risks detailed from time to time in the
Company’s press releases, shareholder communications and Securities
and Exchange Commission filings, including the Company’s Form 10-K
for the fiscal year ended September 30, 2021 and subsequent
quarterly reports on Form 10-Q. These documents are available on
the “SEC Filings” section of our website at
www.verupharma.com/investors. The Company disclaims any intent or
obligation to update these forward-looking statements.
Verzenio® is a registered trademark of Eli Lilly and Company
Investor and Media Contact:
Samuel FischExecutive Director, Investor
Relations and Corporate CommunicationsEmail:
veruinvestor@verupharma.com
FINANCIAL SCHEDULES FOLLOW
Veru Inc.Condensed
Consolidated Balance
Sheets(unaudited)
|
|
|
|
|
|
|
March 31, |
|
September 30, |
|
2022 |
|
2021 |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
112,015,505 |
|
$ |
122,359,535 |
Accounts receivable, net |
|
8,134,690 |
|
|
8,794,224 |
Inventory, net |
|
6,415,463 |
|
|
5,574,253 |
Prepaid expenses and other current assets |
|
13,895,695 |
|
|
15,025,475 |
Total current assets |
|
140,461,353 |
|
|
151,753,487 |
|
|
|
|
|
|
Plant and equipment, net |
|
1,025,463 |
|
|
592,603 |
Operating lease right-of-use assets |
|
5,132,655 |
|
|
969,839 |
Deferred income taxes |
|
13,019,385 |
|
|
13,024,550 |
Intangible assets, net |
|
4,013,095 |
|
|
4,048,810 |
Goodwill |
|
6,878,932 |
|
|
6,878,932 |
Other assets |
|
2,294,366 |
|
|
878,502 |
Total assets |
$ |
172,825,249 |
|
$ |
178,146,723 |
|
|
|
|
|
|
Accounts payable |
$ |
7,518,071 |
|
$ |
3,409,771 |
Accrued expenses and other current liabilities |
|
9,830,225 |
|
|
9,120,328 |
Residual royalty agreement liability, short-term portion |
|
3,833,162 |
|
|
3,237,211 |
Total current liabilities |
|
21,181,458 |
|
|
15,767,310 |
|
|
|
|
|
|
Residual royalty agreement liability, long-term portion |
|
11,121,490 |
|
|
9,397,136 |
Operating lease liability, long-term portion |
|
4,445,432 |
|
|
609,921 |
Other liabilities |
|
78,426 |
|
|
78,412 |
Total liabilities |
|
36,826,806 |
|
|
25,852,779 |
|
|
|
|
|
|
Total stockholders'
equity |
|
135,998,443 |
|
|
152,293,944 |
Total liabilities and
stockholders' equity |
$ |
172,825,249 |
|
$ |
178,146,723 |
|
|
|
|
|
|
Veru Inc.Condensed
Consolidated Statements of
Operations(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedMarch 31, |
|
Six Months EndedMarch 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
$ |
13,028,394 |
|
|
$ |
13,340,487 |
|
|
$ |
27,163,526 |
|
|
$ |
27,957,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
1,853,116 |
|
|
|
2,432,187 |
|
|
|
4,146,166 |
|
|
|
6,212,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
11,175,278 |
|
|
|
10,908,300 |
|
|
|
23,017,360 |
|
|
|
21,744,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
15,541,104 |
|
|
|
7,572,813 |
|
|
|
25,622,265 |
|
|
|
13,250,567 |
|
Selling, general and administrative |
|
7,399,138 |
|
|
|
4,806,897 |
|
|
|
14,122,344 |
|
|
|
9,188,777 |
|
Total operating expenses |
|
22,940,242 |
|
|
|
12,379,710 |
|
|
|
39,744,609 |
|
|
|
22,439,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of PREBOOST® |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,410,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
|
(11,764,964 |
) |
|
|
(1,471,410 |
) |
|
|
(16,727,249 |
) |
|
|
17,715,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating expenses |
|
(2,440,316 |
) |
|
|
(1,352,881 |
) |
|
|
(3,743,382 |
) |
|
|
(3,234,035 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before income
taxes |
|
(14,205,280 |
) |
|
|
(2,824,291 |
) |
|
|
(20,470,631 |
) |
|
|
14,481,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit)
expense |
|
(27,450 |
) |
|
|
21,690 |
|
|
|
87,205 |
|
|
|
99,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(14,177,830 |
) |
|
$ |
(2,845,981 |
) |
|
$ |
(20,557,836 |
) |
|
$ |
14,381,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per basic
common share outstanding |
$ |
(0.18 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.26 |
) |
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average common
shares outstanding |
|
80,052,504 |
|
|
|
75,175,077 |
|
|
|
80,037,675 |
|
|
|
72,717,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per diluted
common share outstanding |
$ |
(0.18 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.26 |
) |
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average
common shares outstanding |
|
80,052,504 |
|
|
|
75,175,077 |
|
|
|
80,037,675 |
|
|
|
80,654,070 |
|
Veru Inc.Condensed
Consolidated Statements of Cash
Flows(unaudited)
|
|
|
|
|
|
|
Six Months EndedMarch 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
Net (loss) income |
$ |
(20,557,836 |
) |
|
$ |
14,381,720 |
|
|
|
|
|
|
|
Adjustments to reconcile net
(loss) income to net cash used in operating activities |
|
6,659,447 |
|
|
|
(15,606,848 |
) |
|
|
|
|
|
|
Changes in operating assets
and liabilities |
|
1,293,920 |
|
|
|
(705,137 |
) |
|
|
|
|
|
|
Net cash used in operating
activities |
|
(12,604,469 |
) |
|
|
(1,930,265 |
) |
|
|
|
|
|
|
Net cash provided by investing
activities |
|
2,012,566 |
|
|
|
14,987,882 |
|
|
|
|
|
|
|
Net cash provided by financing
activities |
|
247,873 |
|
|
|
110,028,758 |
|
|
|
|
|
|
|
Net (decrease) increase in
cash |
|
(10,344,030 |
) |
|
|
123,086,375 |
|
|
|
|
|
|
|
Cash at beginning of
period |
|
122,359,535 |
|
|
|
13,588,778 |
|
|
|
|
|
|
|
Cash at end of period |
$ |
112,015,505 |
|
|
$ |
136,675,153 |
|
|
|
|
|
|
|
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